Credgenics turns operationally profitable, eyes Rs 240 crore revenue this fiscal

New Delhi: Digital loan management platform Credgenics has become operationally profitable in the fourth year of business and expects to grow more than two folds in the current fiscal to around Rs 240 crore, a senior official of the company said.

WestBridge Capital-backed Credgenics co-founder and chief product and technology officer Anand Agrawal said that the company raised around Rs 202 crore till 2021 and it has about two-third of the fund still in the account.

"We have been able to achieve our set target in the financial year 2023. We have clocked about Rs 100 crore in FY23. This year revenue will be around Rs 230-40 crore. This includes revenue from the international market as well," he said.

The company provides digital collection solutions like messages to remind customers through email, WhatApp, dialers etc. to make payments along with the strategy and execution for the recovery of loans.

"Lending depends on the collection. Every lender has been trying to solve it on their own using multiple platforms, outsourcing models. we have tried to solve it by bringing in a lot of technological aspects to it," Agrawal said.

The company has built a pan-India marketplace of lawyers and connects them with lending institutions for the loan recovery.

"Since the last fundraise our revenue has grown 7 times, customers have grown 5 times to 100," Agrawal said.

He said that the company is engaged with almost all private banks and non-banking financial companies, including IIFL Finance, Mahindra Finance, Hero Fincorp and TVS Credit.

"We are very actively working with fintech as they are going to be future lenders," Agrawal said.

Credgenics has started operations in India and is now planning to expand to other South East Asian countries.

Agrawal said the company is looking to acquire peers in South East Asian countries to expedite business growth.

"We have enough funds available for acquisition. Fund is no issue if we get a suitable deal. We have enough resources. We have a lot of investors available for us," he said.